Chinese authorities have fined ride-hailing company, Didi more than $1 billion for breaking data security laws
China’s cybersecurity authority believes ride-hailing company Didi violated a series of laws relating to security, and personal information breaches.
The Cyberspace Administration of China (CAC) began an investigation days after Didi’s IPO on the New York Stock Exchange.
The company proceeded with the listing despite outstanding concerns about data security by authorities.
“Didi’s violations of laws and regulations are serious … and should be severely punished.”
The Cyberspace Administration of China
Less than six months later, the company delisted from the New York Exchange and made plans to list in Hong Kong instead.
The CAC believes the company illegally collected millions of pieces of user information over a seven-year period.
In a statement, Didi says it accepts the ruling.
